Type af revisorbistand:Auditor's report on audited financial statements
Navn på revisionsvirksomhed:PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab
Revisionsvirksomhedens CVR-nr.:33771231
Beskrivelse af revisor:State Authorised Public Accountan
Virksomhedens regnskabsklasse:Reporting class D
Grundlag for konklusion (revision):Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those stand-ards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment The shares of Gubra A/S were admitted for listing on Nasdaq OMX Copenhagen in 2023, and we were appointed auditors of Gubra A/S on 14 March 2023 for the financial year 2023. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2023. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Revenue recognition and work in progress The revenue streams Study-by-study and Flexible research hours are recognised over time using the percentage-of-completion method with costs as the driver. Depending on the nature of the contract, Management applies either a cost-to-cost or hours relative to total hours when measuring progress. The transaction price is fixed and døs not include any forms of variable consideration. The accuracy of work in progress of contracts and the timing of recognition in the income statement is dependent on complex estimation methodologies of, amongst others, the percentage of completion based on cost or hours. We focused on work in progress related to Study-by-study contracts and Flexible hours contracts (pre-clinical contract research services) as the accounting treatment is subject to significant judgements and estimates made by Management. Refer to Note 3. How our audit addressed the key audit matter We performed risk assessment procedures with the purpose of achieving an understanding of business procedures and relevant key controls regarding revenue recognition and work in progress. In respect of key controls, we assessed whether they were designed and implemented effectively to address the risk of material misstatements. We considered the appropriateness of the Group’s accounting policies for revenue recognition and work in progress and assessed compliance with IFRS 15. We tested on a sample basis work in progress for individual contracts including reconciliations to underlying registrations made and supporting documentation. We assessed the accuracy of the percentage of completion assessment, including challenging the assumptions used and the estimated costs or hours to complete the projects. We also performed retrospective review to evaluate the historical accuracy of the assessment of percentage of completion. We assessed the completeness and accuracy of the disclosure of revenue recognition and work in progress against the requirements in IFRS 15.
Konklusion (revision):Our opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2023 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2023 in accord-ance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements of Gubra A/S for the financial year 1 January to 31 December 2023 comprise consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and the notes including material accounting policy information. The Parent Company Financial Statements of Gubra A/S for the financial year 1 January to 31 December 2023 comprise statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity, and notes, including material accounting policy information. Collectively referred to as the “Financial Statements”.
Udtalelse om ledelsesberetningen (revision):Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the Financial Statements døs not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Manage-ment’s Review and, in doing so, consider whether Management’s Review is materially inconsist-ent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.
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